RBI loan moratorium: Centre agrees to waive off interest for loans up to ₹2 crore

7
2706
RBI has imposed a fine of Rs 15 lakh on this bank
RBI has imposed a fine of Rs 15 lakh on this bank




The Centre has agreed to waive off compounded interest for loans up to Rs 2 crore, frozen by the Reserve Bank of India (RBI) in a six-month moratorium granted because of the coronavirus pandemic, the government has told Supreme Court in an affidavit.




The Centre has agreed to waive off compounded interest for loans up to Rs 2 crore, frozen by the Reserve Bank of India (RBI) in a six-month moratorium granted because of the coronavirus pandemic, the government has told Supreme Court in an affidavit. The Centre also said it will consult SEBI on whether companies can be given relief on credit rating downgrades for moratorium period.




The interest waiver will be applicable for loans taken by MSMEs (Micro, Small and Medium Enterprises), for educational, housing, consumer goods and auto loans and for credit card dues.

In the affidavit, the government stated, “Under pandemic conditions, the only solution is for the government to bear the burden of waiving of interest.”





The Centre will also seek the Parliament’s permission for grants to enable the move, it stated.

For the categories specified by the government, the waiver on interest will be irrespective of whether the borrower has availed of the moratorium.

Meanwhile, the Finance Ministry has said waiving off interest on loans to every category would amount to a burden of ₹ 6 lakh crore for banks.

The case will be taken up again on Monday.




7 COMMENTS

  1. Who has job lost, those person – how to pay EMI.
    For these type of issue govt. have to extend the moratorium period minimum 1 year more.

  2. this time to very poor , we are not unable to pay any emi government has to look it to this because government only looking from bank side & bushiness man side not wary about working people.

    All the banks are charging late fees and interest, they have nothing to do with the employees
    Credit card holders do a lot of work, they don’t care about the cardholder, in the current situation the salary is not enough, if their income is low, how will they pay the same as before lock-down, credit card holders put a lot of pressure when they don’t have to pay. They tell us to take the money from friends or relatives and give it to us. They call our company and talk to the staff in our account department in a very bad way. That is why we are likely to lose our jobs. Combine the full balance of the loan and the credit card and make it 1 week according to the current salary so that we can repay the loan in full and live on our own otherwise we cannot live.

LEAVE A REPLY

Please enter your comment!
Please enter your name here